Medical Providers That Permit Credit Reporting of Bad Debt Are Losing Leverage.
While inflation soars out of control and costs rise across the board, healthcare costs are no exception. Strained hospitals and physicians face increasing bad debt and collection agencies are losing some important leverage that they had by furnishing data to the major credit bureaus regarding medical debts that were still outstanding. This means copays and deductibles left unpaid leaves little incentive later to be paid.
"Rather than wait for lenders to update to the latest credit scores — a process that could take years, if it ever happens — the Consumer Financial Protection Bureau announced on March 1 that it would investigate whether medical debt should be included on credit reports at all. Seventeen days later, the three credit bureaus — Equifax, Experian and TransUnion — responded by promising to remove nearly 70% of medical debts from consumer credit reports within the next year."
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